Transcription
To move forward, if you want to gain market share, you must rely on innovation. New technologies always demand higher performance. Before watching the video, please remember to share, like, and subscribe to Zhuo Jian. Most importantly, click the bell icon so you won't miss our latest videos.
Peter, from 2000 to 2007, served as the Chairman. Before I became Chairman, I was told that Peter was the Chairman who visited the TDC office the most. I don't know the specifics of his travels, but some colleagues said he was very diligent and flew around a lot. Peter, please talk about your tenure, what meaningful work you did, and why you didn't like TDC so much.
Well, Victor just mentioned that when I took over from Victor, it was from 1997 to 2003, during the Hong Kong period. I was in 2000. If you remember the numbers from that time, the local Hong Kong stock market fell by 60%. The property market also fell by 60%. In Hong Kong, during that period, over six years, Hong Kong's GDP decreased by four years. However, in terms of export trade, looking at the numbers, by 2007, it had actually doubled. The export trade had doubled. So, when the Hong Kong domestic economy went through such a significant downturn, Hong Kong's export trade was a strong, reliable, and resilient pillar. This is a less-known fact that Hong Kong had such a pillar. It was an asset that passed the test. This was a very memorable process. So, at that time, in the first 18 months after I took over from Victor, we didn't do badly, almost 50%. We weren't just running errands for TDC outside because there wasn't much to do in Hong Kong. [Laughter] It's okay. At that time, everyone, including colleagues like Michel, the late Michel, and Fed, worked very hard because it was a difficult time. It was very tough in Hong Kong, but in terms of trade, we did very well.
Also, there was an event, the most important event among all events, which was the WTO. The WTO was in November 2001. China joined the WTO. We also need to remember that in September 2001, there was 9/11. A major event happened in the United States. Therefore, at that time, the national energy and attention were focused on counter-terrorism. So, at that time, we didn't have a trade war with China starting in 2016. We had such a situation for 15 years. So, 2001 was a very memorable year.
Therefore, China's accession to the WTO was very important and helped Hong Kong. As I mentioned earlier, Hong Kong's export trade in those few years, in our five or six years, we achieved something remarkable. The foundation laid at that time was very important. At that time, we also started. Previously, we were talking about merchandise trade. We started to do services. Because Hong Kong has many services that can be done and can help people worldwide. So, in that aspect, during that period, I would say that the Hong Kong Trade Development Council had already transformed into the Hong Kong and Mainland China Trade Development Council. Now, the Greater Bay Area is called the Greater Bay Area. At that time, it was called the Greater Bay Area. After China joined the WTO, it was actually the Hong Kong and Mainland China Trade Development Council. So, in that process, it was also a very rare and memorable process, and it laid a very good foundation for Hong Kong's development. That's how I see it. Thank you.
Now, I would like to ask the four of you to share how you view Hong Kong, how you view our country, and the role of the Greater Bay Area. Well, I think looking at the future, there are only two domestic homogeneous markets in the world. One is China's GDP and the US's GDP. Many people say that China's GDP and the US's GDP are similar, but we know that the domestic market in mainland China is homogeneous. The European market is fragmented, and other markets are too small. Having such a domestic market is definitely an advantage.
Looking at it from this perspective, even though the GDPs are similar, because of China's population, the transactions are much larger than in the United States. Many people overlook this factor. The competitiveness in such a market is very high. A competitive market means that to survive, to move forward, and to gain more market share in this market, you must rely on innovation. Without innovation, and in technology, you must demand higher performance.
So, I think that when we are discussing what is happening with technology, the market drives technology because you want to beat your competitors. This is very important. So, Hong Kong is very fortunate to be right next to such a powerful domestic homogeneous market, and our system is different from their system. Therefore, Hong Kong's positioning is that if you look at Hong Kong, our current GDP is in the service industry. Hong Kong is an unbelievable and very high-level entity. So, this is our mission. We have built this critical value. It's not an issue. It's an issue of innovation. That's how I see Hong Kong's positioning and its relationship with the mainland market.
At the same time, in this situation, how is our platform different? Besides being critical, we can also be efficient and listen. We can do things. Hong Kong's system cannot be replicated. It is a special system that has been inherited from history. You cannot learn it elsewhere. Why do governments do this? This advantage, Hong Kong is good for capital, good for entrepreneurs, and the government is good for the economy. These are our advantages. They cannot be changed. One cannot have a large market next to you, have a platform, and have a system that allows for development. So, I am confident about this.
Thank you, Peter. Now, I would like to ask one of you to give some advice to us, the younger generation, on how to proceed. I think it's about going global. Hong Kong's international function must be there. And one more thing, remember that Hong Kong is free. There are very few places in the world like it. First, it's the flow of people, the flow of capital, and the flow of goods. These four things must be preserved. So, I can say today that I regret that Hong Kong shut down during COVID. This cannot happen again. If we find that we need to lobby the government, we must absolutely lobby. Hong Kong cannot be shut down again.
The basic premise is that everyone looks at Hong Kong as the main focus. But I think Shenzhen is particularly important for Hong Kong. Shenzhen has a population of 23 million, plus Hong Kong's 7 million, making a total of 30 million people. This is a modern story. This dual city is truly unique in the world. You can say we are number one, or you can say we are number two. No one can say we are number two. It is a unique combination. We have what they don't have, and they have what we don't have. And we are in such a region, or outside of it, like a pearl. We must fight for this. This dual city. Don't think that Shenzhen will mess things up for us, or that our people going there to spend money is a small matter. The basic premise is this dual city, a regional economy of 30 million people. There is no limit to what it can provide us. You will look for it, and there is no limit to what it can provide us. So, I think we need to think about how to utilize this dual city to develop this foundation.
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